Topaz sends two PSVs to West Africa on $50M contract

Topaz Energy and Marine is expanding its West African operations by securing two PSV contracts worth $50 million.

The UAE-based company did not disclose the identity of the client but said that the contracts will supply “one of the world’s leading international oil companies” with two 3, 300 DWT Platform Supply Vessels that will support their offshore production operations. The value of these two contracts is $50 million and including these two Topaz’s total contract backlog amounts to $1.2 billion.

The vessels, placed into service last year, are equipped with dynamic positioning DP2.

Topaz’s fleet consists of 93 vessels, of an average age of 7 years, not including 4 vessels that are under construction.

René Kofod-Olsen, CEO, Topaz Energy and Marine, said: “As part of our strategy, Topaz is pursuing growth outside of our home markets of the Middle East and the Caspian, with West Africa being one of our key target regions. These are important contracts for Topaz because of West Africa’s strategic significance. We believe we have the right fleet and the management expertise to create a long-term sustainable business in West Africa, always in partnership with local businesses. The region is forecast to see above market growth in industry activity and OSV demand which we hope to capitalize upon.”